17-7214.   Operation of close corporation as partnership.No written agreement among stockholders of a close corporation, nor anyprovision of the articles of incorporation or of the bylaws of thecorporation, which agreement or provision relates to any phase of theaffairs of such corporation, including but not limited to the management ofits business or declaration and payment of dividends, or other division ofprofits, or the election of directors or officers, or the employment ofstockholders by the corporation, or the arbitration of disputes, shall beinvalid on the ground that it is an attempt by the parties to the agreementor by the stockholders of the corporation to treat the corporation as if itwere a partnership, or to arrange relations among the stockholders orbetween the stockholders and the corporation in a manner that would beappropriate only among partners.

      History:   L. 1972, ch. 52, § 138; July 1.